Iran, Azerbaijan sign document for cooperation in various areas

Iran and Azerbaijan signed the final document of the 10th joint economic cooperation commission meeting in Tehran, Dec. 22.

The final memorandum of understanding covers cooperation in 12 various sectors including oil, gas, industry, trade, healthcare, culture, transportation and renewable energies, the Iranian state TV channel IRINN reported.

The document was inked by Iran's Minister of Communications and Information Technology Mahmoud Vaezi and Azerbaijan's Minister of Economic Development Shahin Mustafayev, who is on a visit in the Islamic Republic.

The documents envisages investment in oil projects as well as settling gas swap disputes and coordination for using Azerbaijan's gas storage facilities.

Based on the document the two parties also will cooperate in water and energy sectors including construction of power plants at Khoda Afarin and Qiz Qalasi dams on Araz river and following the issue of agreement on the construction of "Ordubad" power plant on the Azerbaijani side and "Marazad" power plant on the Iranian side as well as implementation of joint guideline on border rivers' water management.

The document also includes cooperation in the field of renewable energy, industry, mining, commerce and banking, transport, sport, science and health as well as cultural heritage.

The signed document paves the path for swapping oil and oil products between Iran and Azerbaijan, Vaezi said on the sidelines of the signing the document.

He added that Tehran and Baku plan to make joint investment in oil sector in the Caspian Sea.

Iran and Azerbaijan also signed another MoU on electricity swap. According to the document, the definitive tariff of electricity purchase and sale between the two countries was determined.

According to the document, the exchange of electricity between the two countries will become operational during the first three months of 2016.

On the basis of the document, the two countries' electricity networks will be connected to each other soon, Vaezi said.

He further said that by implementation of the document, the ground will be prepared for Azerbaijan, Iran, Georgia and Russia to make a link between their electricity networks.